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Financial News and Information
Reinsurance Overhaul Sails Through Committees; Still Needs Congressional Act to Work
Its parliamentary prospects barely scathed by panic elsewhere in the financial services industry, a new, lower collateral plan for reinsurers caught only single nays in each of two committees considering it during the fall NAIC meeting. (Posted: 9/30/2008)
Decision on Mutuals’ GAAP-like Disclosures Postponed by NAIC/AICPA Working Group
Organizing a decision-making group for formulating new disclosures for statutory reporting will be the topic of an NAIC/AICPA Working Group teleconference before the winter NAIC meeting. (Posted: 9/30/2008)
NAMIC-endorsed Legislation to Streamline Producer Licensing Passes House
In the midst of the reactions in Congress to the recent turmoil on Wall Street, members of the U.S. House last week found time to pass legislation we strongly supported. H.R. 5611 would enable insurance agents and brokers to more easily become licensed in multiple states. (Posted: 9/23/2008)
New Jersey: Schaer Named Chairman of Assembly Financial Institutions and Insurance Committee
Assemblyman Gary S. Schaer was named chairman of the Assembly Financial Institutions and Insurance Committee, replacing Assemblyman Neil Cohen.
Schaer will serve as committee chair for the remainder of the 2008-09 legislative session. (Posted: 9/23/2008)
Florida: Reinsurance Collateral Waiver Rule Approved
As expected, the Florida Financial Services Commission approved the Office of Insurance Regulation’s rule to waive full collateral for certain alien reinsurers during a final hearing held Sept. 16. (Posted: 9/23/2008)
Michigan: State Considers Model Audit Rule
NAMIC sent comments Sept. 11 to the Michigan House Insurance Committee on HB 5722, a bill to enact provisions of the Model Audit Rule. In its letter to Chairman Virgil Smith, NAMIC delineated its “non-opposition” to MAR as it is in the current NAIC model. (Posted: 9/23/2008)
Market Regulation Committee to Review Credit Scoring Studies
During the meeting of the Market Regulation & Consumer Affairs (D) Committee on the last day of the June NAIC meeting, Commissioner John Morrison (MT) raised the issue of credit based insurance scores, the previous NAIC working group assigned to look at related issues and the fact that the NAIC had never adopted a model law related to credit scoring even though NCOIL had done so. (Posted: 9/19/2008)
Post-employment Benefits Liability Up in Air for Statutory Accounting
The liability for non-vested employees’ post-employment benefits is a material item for many insurers, and the NAIC’s Statutory Accounting Principles Working Group will probably make a vote during the NAIC’s fall meeting. (Posted: 9/19/2008)
A plan for a major overhaul of licensure for reinsurers and credit for reinsurance will enter the NAIC voting process Monday during NAIC fall meeting in National Harbor, Md. (Posted: 9/19/2008)
IBHS Issues Preliminary Damage Report from Hurricane Ike
The Institute for Business & Home Safety released Sept. 16 its preliminary report from a survey of the damage caused by Hurricane Ike. (Posted: 9/16/2008)
Report: Hurricane Ike Stronger Than Ranking Suggests (9/12/2008)
With Renters on the Rise, Wisconsin Residents Face Increasing Risk for Property Loss (9/10/2008)
Why Migrate to IAIS or EU Solvency Regulation? NAIC Weighs That, International Accounting (9/9/2008)
Natural Disaster Issues Reach National Stage (9/9/2008)
Florida: Financial Services Commission Set to Hear Reinsurance Collateral Waiver Rule (9/9/2008)
Multiple Storms Keep Gulf Coast and Atlantic Seaboard on High Alert (9/9/2008)
Hurricane Ike Threatens South Florida (9/5/2008)
Redlining Suit in KC Rejected (9/2/2008)
Most Gulf Coast Structures Not Safer Today Than They Were Three Years Ago, IBHS Says (9/2/2008)
Nebraska: State Supreme Court Rules UM/UIM Exclusion Definition Violates State Statute (8/26/2008)
Michigan: Court of Appeals Overturns Circuit Court Ruling on Insurance Scoring (8/26/2008)
Rhode Island: Court Reverses DBR Ruling on Labor Rate Survey Statute (8/26/2008)
Iowa: Insurance Division Rescinds Broad Anti-rebating Bulletin, Issues New Bulletin (8/26/2008)
Florida: Reinsurance Collateral Waiver Rule Final Hearing Set (8/26/2008)
Oregon: NAMIC Joins Citizens Against Unsafe Housing to Oppose Ballot Measure 63 (8/26/2008)
Congress Should Develop ‘National Targeted Uniformity’ as Alternative to OFC, Chamness Tells Senate Panel (8/26/2008)
NAMIC CEO: Most Companies Oppose OFC, Congress Should Develop ‘National Targeted Uniformity’ as Alternative (8/19/2008)
USDA Awards $4.1 Million to Study Colony Collapse Disorder (8/15/2008)
American Driving Reaches Eighth Month of Steady Decline (8/14/2008)
New York: Department Directs Insurers to Account for Reduced Driving Due to Gas Prices (8/12/2008)
Maryland: Offer of Coverage Notification Bill Effective Oct. 1 (8/12/2008)
Rhode Island: Final Version of Coastal Regulations Reflects NAMIC-advocated Change (8/12/2008)
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